I Recommend All Traders Journal Their Trades/Emotions

FUTURES ARE DOWN 200 POINTS 8 P.M EST ON SUNDAY AS NOONE SEEMS READY TO BAIL LEHMAN BROS OUT.

THEIR BOOKS ARE FALSE, JUST AS FANNIE AND FREDDIE, JUST AS WAMU, AND THE MOOD SUNDAY EVENING IS ENTIRELY TO A HUGE DOWNSIDE RISK.


We had nice testimonials from subscribers for our Friday call trade, profitable same day for good profits.



Oil will be affected by Hurricane Ike, but much less than oil companies will try to make us feel, or that speculators may lead the market up.

Lehmann buy or bail out news will be instrumental to the market, so watch futures carefully.

It will be interesting if Wall Street takes the unravelling of one of the great brokerages with FEAR, or GREED.

Please remember as this occurs that these are the "analysts" we listen to, now in "foreclosure" from their own advise.



A number of traders have asked me about Advanced Mentoring recently, and I thought I would share dialogue I just had with a new AM client, who is learning to "journal".

I recommend to all traders that they journal their trades, before, during and after. Journaling is writing your thoughts, much as a diary, about how you trade and what you did write or wrong. Here's an example I gave the student:

Write down as you trade, as much as you can write. Use a Word document, or a journal that you hand write.
Write down your emotions around the buy, after you buy it, and as you sell it.

Simply write all your thoughts, fluidly.

Ex:
Read alert and think at a 6 bias to call there is a good upside, but I will buy only at best buy or up best buy by 5%.
Entered at 4.50. Very nervous about the news today and market seems to be unsure.
Will study r1 and r2.
2 p.m.-had sell orders in at 5.40, and lowered to 5.20, just sold. Good profits.
3.15 p.m.-shit. Up another 80 points, I could have gotten the 5.90 in the alert. Oh well, good money.
Anxious to buy again, even wrote Floyd to see if I should and he told me to sit on hands. Why do I want to buy all the time?

or

Ex:
6 for 7 this week, all day trades. In other journals this week, I've stuck to the .50 to .80 contract. Lost on the one I held for more, but alert did say tight profits. I held too long, and then sold it out day end, did not hold # of days because the bias count was so high. Glad I sold.
Floyd told me to watch my own behavior as if it not me, what he called the silent witness, or a guy on my shoulder watching me.
This is actually helping. I kind of watch myself from up on my shoulder and can see when I start getting nervous.
I also notice when I am going to be stupid I often start getting hyper and agitated. Should just stop the damn trading when this occurs.